President Joe Biden appears to be gaining ground in the inflation blame game, with more Americans pointing fingers at large corporations for price increases rather than at Democratic policies.
A recent poll showed that 63% of respondents blame price hikes on corporations taking advantage of inflation, up from 54% in November, while only 38% attributed the increases to Democratic policies, a figure unchanged from November.
Despite this shift, a majority of respondents still disapprove of Biden’s handling of the economy, although the margin has slightly narrowed.
Voters’ Participation (Credits: Ford Foundation)
Biden has been working to convince Americans that high inflation is primarily the fault of corporations, not his administration’s policies. He has vowed to crack down on corporations engaging in price gouging or deceptive pricing.
The consumer price index released in February showed a 0.4% increase, primarily driven by housing costs, which aligns with Biden’s focus on addressing housing affordability in his budget proposal. Biden has stated that there is more work to be done to lower costs and give the middle class a fair shot.
Georgia’s Voters (Credits: Britannica)
In a positive development for Biden, consumer confidence has seen a record turnaround, with sentiment reaching levels similar to when he entered office. This rebound comes after consumer optimism hit an all-time low in June 2022.
Biden’s economic platform has centered on battling corporate interests, including through antitrust measures, crackdowns on junk fees, and efforts to lower drug prices. His budget proposal also includes tax hikes on billionaires and wealthy corporations.
As the November general election approaches, Biden is likely to face off against former President Donald Trump, who has criticized Biden’s handling of the economy and proposed solutions such as universal import tariffs, which could raise consumer prices. Trump has also suggested potential cuts to Social Security, Medicaid, and Medicare, which Biden has vowed to oppose.
